The New York power of attorney is a classic and essential tool that has been through numerous iterations over the years. Prior changes to the statutory form (including 1994, 1997, 2009 and 2010) were intended to modernize and improve the statutory form, as well as address ongoing issues in its use. The 2021 iteration is no different in this regard. Together, Chapter 323 of the Laws of 2020 and Chapter 84 of the Laws of 2021 have made a number of revisions to the General Obligations Law (GOL) regarding powers of attorney, and this article will cover the most significant of them.

Substantially Conform

The 2009 statutory form (with small modifications in 2010) was a major change from prior forms. Among other things, it introduced the “Caution to the Principal” and “Important Information for the Agent” sections to the statutory form, which are intended to warn principals of the consequences of executing a power of attorney and notify agents of their powers, duties, and responsibilities. That version of GOL 5-1505B(1)(d) required that a statutory power of attorney contain the “exact wording” of both the “Caution to the Principal” and “Important Information for the Agent” sections from the concurrent version of GOL 5-1513. As a result, a small typo in either section, or use of a 2009 version of the form instead of the 2010 version of the form, could invalidate the entire power of attorney, a harsh punishment.